Hello. I definitely agree on a strong short term downward bias, but my long term perspective is still positive. Especially since about 50% of whole RIO is owned by institutions and its stock is not the most frequently traded in the world, so at the point where some institutions try to take off some risk, one would definitely expect higher volatility. Considering world iron prices has retracted about 60% from the top, and that RIO hasn't "lost" more value in terms of day-to-day movements in the stock price, I am actually very surprised the price is still above its nov. 2020 lows. Also, IMO if large institutions, who are currently holding the stock, is looking to add to their positions, they are most likely not be in a hurry at the moment due to highly fluctuating raw material prices / high volatility due to supply chain disruptions, hence they will probably wait this one out and be happy to grab all they can get of this stock for USD$40-50 (NYSE:RIO). I'd love to hear your opinion on this. Best Regards, Fred.
andmk2
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@Fred_Wabb, Thank you Fred. I'm a technical analyst and was interested to hear your views on the fundamentals. However, I can only assess a share price after looking at the price action and selected indicators. Good luck.
Fred_Wabb
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@andmk2, Thanks for your reply. Good luck to you as well.